Bluesky is in the final stages of raising new funding led by Bain Capital Ventures, which would value the social media company at around $700 million, according to three sources familiar with the deal.
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Bluesky officially launched less than a year ago with 3 million users and grew to 25.9 million users in 2024, the company said. Nearly half of those new users were added during the last month and a half of the year after Donald Trump won the US presidential election and some X users fled the platform owned by Trump supporter Elon Musk.
Bluesky last raised a $15 million Series A round in 2024 and an $8 million seed round in 2023. It’s unclear how much capital Bluesky is raising in this new round, which is still being finalized, and terms could change.
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The new funding could put pressure on Bluesky to figure out how to make money. The service still has no ads, and Bluesky said in 2023 that it doesn’t want to rely on advertising to sustain its business.
if there was any hope bluesky would ever actually become decentralized and fully federating, this capitalization has killed it.
can we please stop pretending it is anything but twitter 2.0 (not that theres anything wrong with that)?
Yeah I figured this wasn’t going to last long.
Bain Capital aka former Republican Presidential nominee Mitt Romney aka Mr. Mormon.
Free speech indeed. It’s like taking blood money.
Look, there are deep problems with Romney, but at least he represents a very different kind of Republican than what we’re dealing with today.
I preferred the obviously self serving business Republicans to the “maybe bleach injections” Republicans.
I’m only one person and not a huge federating person in terms of knowledge.
I have always seen it as a “next twitter”. That’s why I signed up for it when it started and I didn’t want to be on “x” anymore. I look forward to it being the replacement.
Bluesky was created as a competitor of Twitter and the app looks similar to old Twitter days. It was obvious it’s Twitter 2.0